8-K

                                     STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
       Pursuant To Section 13 or 15 (d) of the Securities Exchange Act of 1934

             Date of Report (Date of earliest event reported): May 11, 2006

                             TRIARC COMPANIES, INC.
                --------------------------------------------------
               (Exact name of registrant as specified in its charter)


    DELAWARE                       1-2207                    38-0471180
    -----------------              --------------            --------------
    (State or Other                (Commission               (I.R.S. Employer
     Jurisdiction of               File Number)              Identification No.)
     Incorporation)

     280 Park Avenue
     New York, NY                                            10017
    ---------------------------------------------------------------------------
     (Address of principal executive offices)                (Zip Code)

     Registrant's telephone number, including area code:     (212)  451-3000

                                   N/A
     --------------------------------------------------------------------------
     (Former Name or Former Address, if Changed Since Last Report)

 Check  the  appropriate  box  below if the  Form 8-K  filing  is  intended  to
 simultaneously satisfy the filing obligation of the registrant under any of the
 following provisions:

 [ ] Written  communications  pursuant to Rule 425 under the  Securities Act (17
CFR 230.425)

 [ ] Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)

 [ ]  Pre-commencement  communications  pursuant  to  Rule  14d-2(b)  under  the
Exchange Act (17 CFR 240.14d-2(b))

 [ ]  Pre-commencement  communications  pursuant  to  Rule  13e-4(c)  under  the
Exchange Act (17 CFR 240.13e-4(c))





Item 8.01.       Other Events

     Triarc  Companies,  Inc.  announced  today that its Board of Directors  has
approved  the second $0.15 per share  installment  of its  previously  announced
special cash dividends aggregating $0.45 per outstanding share of Class A Common
Stock  and  Class B Common  Stock,  Series  1. The  record  date for the  second
installment  of the special cash dividends is June 30, 2006 and the payment date
is July 14, 2006.  The initial $0.15  installment  of the special cash dividends
was paid on March 1, 2006.  The Board of Directors  also announced its intention
to pay the third  $0.15 per share  installment  of the  special  cash  dividends
during the fourth quarter of 2006.

     The Board of Directors also approved the payment of regular  quarterly cash
dividends  of $.08 per share on its Class A Common  Stock and $0.09 per share on
it Class B Common  Stock,  Series 1. The record date for the  regular  quarterly
cash dividends is June 1, 2006 and the payment date is June 15, 2006.

     Additionally,  Triarc's Board of Directors extended its current $50 million
Class A Common  Stock and Class B Common  Stock,  Series 1,  repurchase  program
until June 30, 2007.

     A copy of the press release  announcing such dividends and the extension of
the stock repurchase  program is filed as Exhibit 99.1 to this Current Report on
Form 8-K.

Item 9.01.        Financial Statements and Exhibits

(d)               Exhibits

99.1              Press release of Triarc Companies, Inc. dated May 11, 2006.






                                    SIGNATURE

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                    TRIARC COMPANIES, INC.


                                    By:/s/STUART ROSEN
                                       ---------------------------------
                                       Stuart I. Rosen
                                       Senior Vice President
                                       and Secretary

Dated:   May 11, 2006







                             EXHIBIT INDEX

Exhibit                       Description
- -------                       -----------

99.1     Press release of Triarc Companies, Inc. dated May 11, 2006

EX-99.1

                                                                   Exhibit 99.1


                         Triarc Companies, Inc.
                            280 Park Avenue
                           New York, NY 10017

                                                          For Immediate Release
CONTACT: Anne A. Tarbell
         (212) 451-3030
         www.triarc.com

                     TRIARC DECLARES SPECIAL CASH DIVIDENDS

o    Board also declares  Class A and Class B regular  quarterly  cash dividends
     and extends $50 million stock repurchase program

 New  York,  NY,  May 11,  2006 - Triarc  Companies,  Inc.  (NYSE:  TRY;  TRY.B)
announced  today that its Board of  Directors  has approved the second $0.15 per
share installment of its previously announced special cash dividends aggregating
$0.45 per  outstanding  share of Class A Common Stock and Class B Common  Stock,
Series  1. The  record  date for the  second  installment  of the  special  cash
dividends is June 30, 2006 and the payment  date is July 14,  2006.  The initial
$0.15  installment  of the special cash dividends was paid on March 1, 2006. The
Board of Directors also announced its intention to pay the third $0.15 per share
installment of the special cash dividends during the fourth quarter of 2006.

     The special cash dividends are in connection with the previously  announced
proposed  corporate  restructuring  that the Board of Directors is continuing to
explore and that may involve the spinoff to stockholders or other disposition of
Triarc's  approximate 64% capital  interest in its alternative  asset management
business,  Deerfield  &  Company  LLC.  Options  for  Triarc's  other  remaining
non-restaurant  assets are also under review and could include the allocation of
Triarc's  remaining cash,  cash  equivalents,  short-term and other  investments
between its two businesses  (Arby's(R) and Deerfield) and/or additional  special
dividends or distributions to shareholders.

     Triarc  also  announced  that its Board  approved  the  payment  of regular
quarterly cash dividends of $.08 per share on its Class A Common Stock and $0.09
per share on its Class B Common Stock, Series 1. The record date for the regular
quarterly cash dividends is June 1, 2006 and the payment date is June 15, 2006.

     Stockholders  are  encouraged to consult with their tax advisors  regarding
the  appropriate  tax  treatment of the regular  quarterly  and the special cash
dividends.

     In addition,  Triarc `s Board of Directors  today  extended its current $50
million  Class A Common  Stock and Class B Common  Stock,  Series 1,  repurchase
program until June 30, 2007.  The extension will allow the Company to repurchase
Class A and Class B shares  when and if  market  conditions  warrant  and to the
extent legally  permissible.  Since 1998,  Triarc has repurchased  approximately
$340 million of its stock,  including  approximately  10 million  Class A Common
Shares  for  approximately  $214  million  and  all  of the  outstanding  shares
(approximately  6 million) of a former class of the  Company's  common stock for
approximately $127 million.

     As of April 28, 2006,  Triarc had 27,705,003 shares of Class A Common Stock
outstanding  and  60,344,908   shares  of  Class  B  Common  Stock,   Series  1,
outstanding.

     Commenting on today's dividend actions, Nelson Peltz, Triarc's Chairman and
Chief  Executive  Officer,  said:  "The  special  extraordinary  cash  dividends
declared today and the future special extraordinary cash dividends, if declared,
are intended to further  enhance  Triarc  stockholder  value,  as we continue to
review the feasibility,  as well as the risks and  opportunities,  of completing
the corporate restructuring that could potentially unlock the significant values
of Arby's and Deerfield. In the coming months, our Board of Directors and senior
management will continue to thoroughly  review how best to deliver more value to
our stockholders."

     Triarc is a holding company and, through its  subsidiaries,  the franchisor
of the Arby's(R)  restaurant system,  which is comprised of approximately  3,500
restaurants.  Of these  restaurants,  more than 1,000 are owned and  operated by
subsidiaries of Triarc.  Triarc also owns an approximate 64% capital interest, a
profits interest of at least 52% and  approximately 94% of the voting interests,
in Deerfield & Company LLC, a Chicago-based alternative asset manager offering a
diverse range of fixed income and  credit-related  strategies  to  institutional
investors with approximately $12.4 billion under management as of April 1, 2006.

                              # # #
                          Notes To Follow





                         NOTES TO PRESS RELEASE

1.   There can be no assurance that any additional  regular quarterly or special
     cash dividends will be declared or paid, or of the amount or timing of such
     dividends, if any.

2.   The future  installment  of the special cash  dividend  referred to in this
     press release  (including the actual amounts  thereof) and any other future
     dividends is subject to applicable  law, will be made at the  discretion of
     the Board and will be based on such factors as Triarc's earnings, financial
     condition,  cash  requirements  and other factors,  including  whether such
     future  installments  of the special  dividends  would result in a material
     adjustment to the  conversion  price of Triarc's 5%  Convertible  Notes due
     2023.

3.   Until  September 4, 2006,  each share of Class B Common Stock,  Series 1 is
     entitled to at least 110% of the regular  quarterly  cash  dividend paid on
     each share of Class A Common Stock.  After such date, each share of Class B
     Common  Stock,  Series  1 is  entitled  to at  least  100%  of any  regular
     quarterly  cash dividend  paid on each share of Class A Common  Stock.  Our
     Board  of  Directors  has not yet made any  determination  of the  relative
     amounts of any regular  quarterly  cash  dividends that will be paid on the
     Class A Common Stock and Class B Common Stock,  Series 1 after September 4,
     2006.

4.   There can be no assurance  that any share  repurchases  will be made in the
     future or that any such repurchases  will result in additional  shareholder
     value.

5.   The  statements  in this  press  release  that  are not  historical  facts,
     including,  most importantly,  information  concerning  possible or assumed
     future results of operations of Triarc Companies, Inc. and its subsidiaries
     (collectively,  "Triarc" or the  "Company")  and  statements  preceded  by,
     followed  by,  or  that  include  the  words  "may,"  "believes,"  "plans,"
     "expects,"  "anticipates" or the negation thereof, or similar  expressions,
     constitute  "forward-looking  statements" within the meaning of the Private
     Securities Litigation Reform Act of 1995 (the "Reform Act"). All statements
     that  address  operating  performance,  events  or  developments  that  are
     expected  or  anticipated  to occur  in the  future,  including  statements
     relating  to  revenue  growth,  earnings  per share  growth  or  statements
     expressing   general   optimism  about  future   operating   results,   are
     forward-looking  statements  within the  meaning of the Reform  Act.  These
     forward-looking  statements  are based on our current  expectations,  speak
     only as of the date of this press release and are  susceptible  to a number
     of risks, uncertainties and other factors. Our actual results,  performance
     and achievements may differ materially from any future results, performance
     or achievements  expressed or implied by such  forward-looking  statements.
     For  those  statements,  we claim the  protection  of the safe  harbor  for
     forward-looking  statements  contained  in the Reform Act.  Many  important
     factors  could affect our future  results and could cause those  results to
     differ  materially from those expressed in the  forward-looking  statements
     contained  herein.  Such  factors  include,  but are not  limited  to,  the
     following:

o    competition,   including  pricing   pressures,   the  potential  impact  of
     competitors' new units on sales by Arby's(R) restaurants;

o    consumers'  perceptions of the relative  quality,  variety and value of the
     food products we offer;

o    success of operating initiatives;

o    development costs;

o    advertising and promotional efforts;

o    the existence or absence of positive or adverse publicity;

o    new product and concept  development by us and our competitors,  and market
     acceptance of such new product offerings and concepts;

o    changes in consumer tastes and  preferences,  including  changes  resulting
     from concerns over nutritional or safety aspects of beef,  poultry,  french
     fries or other foods or the effects of  food-borne  illnesses  such as "mad
     cow disease" and avian influenza or "bird flu";

o    changes in spending patterns and demographic trends;

o    adverse  economic   conditions,   including  high  unemployment  rates,  in
     geographic regions that contain a high concentration of Arby's restaurants;

o    the business and financial viability of key franchisees;

o    the timely payment of franchisee obligations due to us;

o    availability,  location and terms of sites for restaurant development by us
     and our franchisees;

o    the ability of our  franchisees to open new  restaurants in accordance with
     their  development  commitments,  including the ability of  franchisees  to
     finance restaurant development;

o    delays in opening new restaurants or completing remodels;

o    the timing and impact of acquisitions and dispositions of restaurants;

o    our ability to successfully integrate acquired restaurant operations;

o    anticipated or unanticipated restaurant closures by us and our franchisees;

o    our ability to  identify,  attract and retain  potential  franchisees  with
     sufficient experience and financial resources to develop and operate Arby's
     restaurants;

o    changes in business  strategy or development  plans, and the willingness of
     our franchisees to participate in our strategy;

o    business abilities and judgment of our and our franchisees'  management and
     other personnel;

o    availability   of  qualified   restaurant   personnel  to  us  and  to  our
     franchisees;

o    our ability, if necessary,  to secure alternative  distribution of supplies
     of food,  equipment and other products to Arby's restaurants at competitive
     rates and in adequate  amounts,  and the potential  financial impact of any
     interruptions in such distribution;

o    changes in commodity (including beef), labor,  supplies and other operating
     costs and availability and cost of insurance;

o    adverse weather conditions;

o    significant  reductions in our client assets under management  (which would
     reduce our advisory fee revenue),  due to such factors as weak  performance
     of our investment  products (either on an absolute basis or relative to our
     competitors or other  investment  strategies),  substantial  illiquidity or
     price volatility in the fixed income instruments that we trade, loss of key
     portfolio  management or other  personnel,  reduced investor demand for the
     types of investment  products we offer, and loss of investor confidence due
     to adverse publicity;

o    increased  competition from other asset managers  offering similar types of
     products to those we offer;

o    pricing pressure on the advisory fees that we can charge for our investment
     advisory services;

o    difficulty in increasing assets under management,  or efficiently  managing
     existing assets,  due to market-related  constraints on trading capacity or
     lack of potentially profitable trading opportunities;

o    our removal as  investment  manager of one or more of the  collateral  debt
     obligation vehicles (CDOs) or other accounts we manage, or the reduction in
     our CDO  management  fees  because  of payment  defaults  by issuers of the
     underlying  collateral or the triggering of certain structural  protections
     built into CDOs;

o    availability, terms (including changes in interest rates) and deployment of
     capital;

o    changes in legal or  self-regulatory  requirements,  including  franchising
     laws,    investment   management    regulations,    accounting   standards,
     environmental laws, overtime rules, minimum wage rates and taxation rates;

o    the costs,  uncertainties  and other  effects of legal,  environmental  and
     administrative proceedings;

o    the  impact  of  general  economic   conditions  on  consumer  spending  or
     securities  investing,  including a slower consumer economy and the effects
     of war or terrorist activities;

o    the  payment  of the  future  installment  of the  special  cash  dividends
     (including  the amount or timing  thereof) and any other future  dividends,
     are subject to  applicable  law and will be made at the  discretion  of our
     Board based on such  factors as our  earnings,  financial  condition,  cash
     requirements and other factors,  including  whether future  installments of
     the special cash  dividends  would result in a material  adjustment  to the
     conversion price of our 5% Convertible Notes due 2023; and

o    other risks and uncertainties affecting us and our subsidiaries referred to
     in our Annual Report on Form 10-K for the fiscal year ended January 1, 2006
     (see especially "Item 1. Business--Risk  Factors" and "Item 7. Management's
     Discussion and Analysis of Financial  Condition and Results of Operations")
     and in our other  current and  periodic  filings  with the  Securities  and
     Exchange  Commission,  all of which are  difficult or impossible to predict
     accurately and many of which are beyond our control.

All future written and oral  forward-looking  statements  attributable to us or
any person acting on our behalf are expressly qualified in their entirety by the
cautionary   statements   contained   or  referred  to  above.   New  risks  and
uncertainties  arise from time to time,  and it is impossible  for us to predict
these  events or how they may affect us. We assume no  obligation  to update any
forward-looking  statements  after the date of this press release as a result of
new information,  future events or  developments,  except as required by federal
securities  laws.  In  addition,  it is our  policy  generally  not to make  any
specific  projections  as  to  future  earnings,  and  we  do  not  endorse  any
projections regarding future performance that may be made by third parties.